Investment firm Kerrisdale Capital has initiated a short-selling strategy for Bitmine stock, citing the company’s reliance on the Digital Asset Treasury (DAT) model as a factor in its decision. The firm argues that the DAT model is outdated and lacks innovation, further highlighting the oversaturation of similar projects within the cryptocurrency market. This abundance is leading to declining premiums and diminishing the ability for companies to enhance per-share Ethereum content through stock issuance above net asset value (NAV). 100+ billion dollars in funding for this strategy has led to a decrease in scarcity and subsequently, lower valuations for companies.